6.5 billion dollars to be injected into sugar production.

As sugar production continues to decline some 6.5 billion dollars will be injected into the sector after an agreement was inked between the Government of Guyana and the European Union on. The agreement is part of the 2012 framework of the Accompanying Measures to the changes in the EU trade regime with Sugar Protocol Countries like Guyana.

Earlier in May it was reported that the sugar industry produced just above 67 thousand tonnes of sugar which was a new low in first crop production for over 20 years.

Finance Minister Dr. Ashni Singh said the government has seen the need to implement reforms in the sugar sector to achieve a competitive and viable industry.

Head of the EU’s Delegation in Guyana, Ambassador Robert Kopecky said given the importance of sugar to Guyana’s economy the EU’s role is important to ensure that the sugar industry becomes competitive.

A second agreement was also inked for the provision of 460 million dollars towards a Micro-Hydropower system in Region 8 as a way of promoting the use of sustainable and climate friendly energy.